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I'll make this fairly simple, if anyone wants a more detailed and scientific based explanation let me know and I'll write something more official up later, but as mentioned before, cold air means more dense air, or, more atoms per unit volume of air. Since air is what's required to ignite the fuel potentially more power as you can combust more fuel. Additionally, cylinder temperatures directly affect when the onset of knocking/pinging occurs. With colder air your cylinder will run slightly cooler allowing the ECU to advance spark timing a little more to gain slightly more power that way too.
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